2006 Kentucky Revised Statutes - .203   Effect of instructions.

355.4-203 Effect of instructions. Subject to Article 3 of this chapter concerning conversion of instruments (KRS 355.3- 420) and restrictive indorsements (KRS 355.3-206), only a collecting bank's transferor can give instructions that affect the bank or constitute notice to it, and a collecting bank is not liable to prior parties for any action taken pursuant to the instructions or in accordance with any agreement with its transferor. Effective: January 1, 1997 History: Amended 1996 Ky. Acts ch. 130, sec. 85, effective January 1, 1997. -- Created 1958 Ky. Acts ch. 77, sec. 4-203, effective July 1, 1960.